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Prepare another account on the assumption

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Question: On 30th September, 1960, the Arconia Co. Ltd. issued £30,000 4% debentures, interest bemg payable on 31st March and 30th September. Give the Debenture Interest Account including the entry for income tax for the period ending 31st March, 1961. Prepare another account on the assumption that the trading year ends on 30th June, 1961. Take income tax at 7/9 in the £.

Reference no: EM131538024

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Re-printed by courtesy of institute of chartered accountants : Brisk Limited has an authorised share capital of £150,000 in shares of £1 each of which 100,000 shares have been issued on which 15/- per share has been called.

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